aresa:
The problem here remains our reliance on one product economy which is oil. Whenj oil sold for over$100, they saw no resson to diversify our economy and they failed to invest in critical infrastructures, but instead raided our reserve, siphoned off foreign currencies from the CBN and shared every $ in sight, but this joker still crookedly managed to pin the blame on other people and not the crooks who looted and drained us, the crooks who failed to diversify or plan for the future.

When you deplete your funds without planning for tomorrow, you surffer the consequenses.

These midnight apologists and agege economists sat on their hands for 16years without saying a word when Nigeria was under assault from looters, but all of a sudden they have a lot to say including insulting our intelligence with their thoughtless understanding of the economy and cowardly blame game...

modath:


Barca, you slyly throw brick and then shout wolf, welldone....

You cunningly side stepped the issue of 10k depOsit/ transfer cos you never admit & retreat when you are left with egg on your face.... you just quietly "creatively use bold face" ,

Not all of us here will let you propound misrepresentation & let it go unchallenged, nah, won't happen..leave that to your connect..

Not that I'm making a case for this abominable 370 figure but the 400 to a USD you are peddling today 22nd is falsehood.... Tell the Northerner you have 5k to give him @ 380 & see if he'll bite...

Also noticed siggy yaff change,kwaret.. effort yielding fruits ? ground don wet ba? Oyel buloku, a still dey hope ooo.

kaboninc:


When a "Nigerian" Politician becomes an Economist!

It is better for an Economist to become a Banker than a Banker to become an Economist - Atedo Peterside (I heard)

It is better for an Economist to become a Politician than for a Politician to become an Economist - Kaboninc!

TonyeBarcanista:

Who is the politician and who is the Economist?

TonyeBarcanista:

Who is the politician and who is the Economist?

kaboninc:

You are the "Nigerian Politician"
You want to become the Economist!

Elosky20:

The prosecutor(You) is the politician, While the defendants(We) are the Economist. Since you started ur arguement by blaming the president without blaming the mono-economy, events, scarcity, corruption and shortages that lead to our present state. even without telling us that we have only one solution, devaluation is nt an option.

LRNZH:
The one that's gets at me the most is to see imported palm oil.

Even that popular packaged burger (ground) nuts is made in Ghana as at the last time I checked.

There is nothing wrong with foreigners doing business in Nigeria but the preponderance of import even with common products is a no no.

aresa:



Obviously what you see in the mirror based on your thoughtless and illogical rants on NL




Nigerians rightfully elected PMB to manage their affairs and correct the ills your benefactors created and that's exactly what he's doing and if for whatever reason you don't agree with his method, you are welcomed at the polls with your voters ID card to remove him from office, it's called democracy.

Sadly for people like you, you conveniently looked the other way and forgot about what Nigerians elected Jonathan to do when he was looting us dry with his looting gang, raiding our foreign reserves, sharing dollars all over the country and so on, but all of a sudden after Nigerians kicked them out of office and sanity returns, you have so much to say about the economy.

Instead of raising your voice when Nigerians were under looting and stealing assault, you were busy shouting GEJ till 2019.

You are not an economist and even at the most layman aspect of economics and why currencies fall, you failed woefully, you made zero sense and your conclusion was bare and ignorant.





When you loot your treasury and foreign reserves, your currency falls, when you loot your treasury, currency foreign reserves and failed to prepare for rainy days, you suffer the consequences.

You were happy and supporting corruption, looting and stealing and grand incompetence and shouting GEJ till 2019 when Nigerians were under assault from looters that killed our economy so you have no moral authority to spew anything apart fro apologizing for your part in the whole mess.

We do understand that Devaluation mantra is the new phrase the #PDPhouseOfHunger assigned for you to litter the internet with for the week, but the man nigerians put in office to manage their affairs said no devaluation for now so stop wasting your time.


You are part of the rot and decay we are trying to get rid of and must get rid of..

3. PRESIDENT GOODLUCK JONATHAN:
EXTERNAL DEBT
Inherited: $3.94 billion Dollars

As At Now: $9.3 billion Dollars

[url]http://www.dmo.gov.ng/oci/edebtstock/docs/External%20Debt%20Stock%20as%20at%2030th%20June_%202014.pdf[/url]

FOREIGN RESERVE:
Inherited: $47. 7 billion (As At December 31st, 2009)

As At Now: $38.2BILLION http://www.cenbank.org/intops/Reserve.asp
www.nairaland.com/attachments/1842363_2014foreignreserve_jpegb778234d0e84907de925a2b063c2355a


N/B:
Of the $9.3 billion EXTERNAL DEBT, Federal Government’s owes $6.36b, while ALL 36 States plus FCT owes $3.0 billion
As at 2010, Oil Price was at $89 per barrel
As at 2011, It was $103 per barrel
As at Now it is $100 per barrel http://en.wikipedia.org/wiki/World_oil_market_chronology_from_2003
Meaning, Jonathan have access to more more money than Yar Adua, but he depleted the Foreign Reserve and Still Purge Us into Further Debt With NOTHING to show

Progressive01:
Nah, he knew Jo was a bad deal and stated as much about a month to the election before making a volte face. Here's an excerpt from an article he wrote then while comparing external reserves under Obj, Yaradua and Jo:

Lol.

Today, it is a different tone entirely.

Hain. This boy sef.

dukie25:


How many usernames does omenka have?

Progressive01:
Why don't you ask him? And how does that concern the subject matter??

Get a brain and get a life.

Sibrah:
Buhari is on the right track as regards devaluation. No devaluation is needed. Let the dollar account of all exporter fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus

djon78:
@barcanista got it spot on. The government need to fix the manufacturing sector, power sector to encourage local production with quality control in check. also they are to place serious high import tariff/tax on a lot of imported goods. When I came back to Nigeria in 2011 my heart was bleeding because of most especially expensive premium cars/suvs i saw on Nigerian roads, I told on of my associates that if I was the president, I will place like 200 to 300% import tax on all those cars and then encourage local production. That is how it is done in other climes. The kind of capital flight we experience in this nation is too much, our people have uncontrollable cravings for foreign goods and it needs to be curbed. And I am in full support of this present govt on any measure they need to adopt to stop this maddness.

One thing I do know is that things will never be the same again. We are entering a new era in Nigeria where criminals, get rich quick scheme and overnight millionaires the system cannot support them again. We are coming to an era where those that work hard are rewarded, because true lasting wealth is built by hard work, diligence, and perseverance, and this is the foundation of building great nations. The former ways of doing things was a very bad and unhealthy foundation. And hate Buhari as much as you like, I think he is the man that can really shift our focus from all those unhealthy, destructive ways towards the right path of economic renaissance.

Nigeria still has a chance, she still has a lot going for her most especially her vast, untapped human resources both at home and abroad. If she can get it right, she can turn to a global leader in decades to come. But first of all, we must overhaul the faulty foundation. thanks.

aresa:
The problem here remains our reliance on one product economy which is oil. Whenj oil sold for over$100, they saw no resson to diversify our economy and they failed to invest in critical infrastructures, but instead raided our reserve, siphoned off foreign currencies from the CBN and shared every $ in sight, but this joker still crookedly managed to pin the blame on other people and not the crooks who looted and drained us, the crooks who failed to diversify or plan for the future.

When you deplete your funds without planning for tomorrow, you surffer the consequenses.

These midnight apologists and agege economists sat on their hands for 16years without saying a word when Nigeria was under assault from looters, but all of a sudden they have a lot to say including insulting our intelligence with their thoughtless understanding of the economy and cowardly blame game...

aresa:



GEJ and his gang looting, stealing, sharing, depleting our foreign reserve and refusing to diversify or invest in infrastructures which is now putting pressure on our currency is not politics, it's a sad and unfortunate consequence of greed, bad management of human and financial resources, unpatriotic behaviour and criminal activities.


There's a clear difference between criminal activities and politics, but you won't know since you are too out og touch with realities and crimes commited against the people of Nigeria.

We are still getting bombarded with daily revelation how our money was looted, shared and spent on spiritual prayers and all kinds of absurdities.

You wish this is politics because that was all you saw when they were looting us dry and said nothing but GEJ till 2019.


Like I said, yoy have zero moral authority to open your mouth because you were part of the rot and decay we must get rid of to progress as a nation.

Progressive01:
Nah, he knew Jo was a bad deal and stated as much about a month to the election before making a volte face. Here's an excerpt from an article he wrote then while comparing external reserves under Obj, Yaradua and Jo:

Lol.

Today, it is a different tone entirely.

Hain. This boy sef.

HiddenShadow:


Buhari is towing that path by not encouraging his fellow northerners to embrace True federalism.
You can't compare FG led privatization and True federalism.
FG can't achieve diversification faster than true federalism where all States are involved

HiddenShadow:


Between FG led privatization and True federalism, which do you think will achieve economic diversification quickly ?
Tell Buhari to convince his fellow Northerners to embrace True federalism.

HiddenShadow:


Buhari is towing that path by not encouraging his fellow northerners to embrace True federalism.
You can't compare FG led privatization and True federalism.
FG can't achieve diversification faster than true federalism where all States are involved

Progressive01:
Nah, he knew Jo was a bad deal and stated as much about a month to the election before making a volte face. Here's an excerpt from an article he wrote then while comparing external reserves under Obj, Yaradua and Jo:

Lol.

Today, it is a different tone entirely.

Hain. This boy sef.

aresa:



Are you minding the con man and his crooked and warped maneuverings. The joker can not even keep up with his own lies, silly games and flawed assertions.

What a shady and mentally corrupt character...

Elosky20:

he is a big GEJ loyalist.

Elosky20:

he is a big GEJ loyalist.

LRNZH:

Even that is not really true. He has flip-flopped so many times that even when he seems to make sense, you have to watch carefully because the next minute, he is switching again.
On this thread sha, he doesn't know his onions.
Very inconsistent in his world view.

TonyeBarcanista:

Make una de confuse unasef. Everybody no be zombie on one-way traffic.


Kontinue...

LRNZH:
Eiya.... Econs-101 lecture is strongly advised.

The simple relationship between a commodity based mono-economy and the impact of low commodity prices is too difficult for the OP to comprehend.

TonyeBarcanista:

I believe you can comprehend. Read the OP again and the post after it to get the message. This is NOT the first time there will be oil slump in case you don't know.

TonyeBarcanista:

Make una de confuse unasef. Everybody no be zombie on one-way traffic.


Kontinue...

3. PRESIDENT GOODLUCK JONATHAN:
EXTERNAL DEBT
Inherited: $3.94 billion Dollars

As At Now: $9.3 billion Dollars

[url]http://www.dmo.gov.ng/oci/edebtstock/docs/External%20Debt%20Stock%20as%20at%2030th%20June_%202014.pdf[/url]

FOREIGN RESERVE:
Inherited: $47. 7 billion (As At December 31st, 2009)

As At Now: $38.2BILLION http://www.cenbank.org/intops/Reserve.asp
www.nairaland.com/attachments/1842363_2014foreignreserve_jpegb778234d0e84907de925a2b063c2355a


N/B:
Of the $9.3 billion EXTERNAL DEBT, Federal Government’s owes $6.36b, while ALL 36 States plus FCT owes $3.0 billion
As at 2010, Oil Price was at $89 per barrel
As at 2011, It was $103 per barrel
As at Now it is $100 per barrel http://en.wikipedia.org/wiki/World_oil_market_chronology_from_2003
Meaning, Jonathan have access to more more money than Yar Adua, but he depleted the Foreign Reserve and Still Purge Us into Further Debt With NOTHING to show

TonyeBarcanista:

The argument is not for or against devaluation. In all honesty, I'm all for devaluation. But that is not the point here.

The point here is that our the Naira is going down because of the sharp scarcity of the dollar. This scarcity can be traced to CBN's policy of July/August 2015 that caused lots of people do do away with the dollar in the economy and created artificial surplus of the dollar. As at then, I predicted that such move will backfire. This is what we are experiencing now. It is the scarcity of dollar that has made the naira to appear almost useless in value.

www.bloomberg.com/news/articles/2016-02-18/naira-hits-new-low-on-black-market-as-dollar-scarcity-worsens

LRNZH:


You people keep blaming the governors.

The question we keep asking you is what did NOI and indeed the FG do with its 52% of the total allocation?
How can the FG try to remove the speck in the eyes of the state govts who only asked for 30% but leave the log in its own?

dumodust:


I understand your argument... they should have just devalued than create this ill advised scarcity that zapped the naira. Dollar restriction with no back up or clear economic bail out policy... crazy ineptitude